Allworth Financial, a Sacramento, California-based wealth management firm managing $9.5 billion, has agreed to acquire Pathways Financial Partners, a Tucson, Arizona, registered investment adviser managing $158 million.
Terms of the transaction, which is expected to close by year-end, were not disclosed.
The deal is the fourth acquisition in the last year for Allworth Financial, formerly known as Hanson McClain Advisors, and its 11th since 2017, when private equity firm Parthenon Capital acquired a stake in Allworth.
Last Tuesday, Allworth announced that Parthenon is selling that stake to Lightyear Capital and the Ontario Teachers’ Pension Plan.
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The approval of the pay proposal, which handsomely compensates its CEO and president, bolsters claims that big payouts are a must in the war to retain leadership.
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